Khelo24Bet Anti-Money Laundering Policy

The main task of the betting company Khelo24Bet is to ensure maximum security for all users on the platform. To do this, the company conducts a three-step verification of accounts to confirm the identity of customers. This is necessary in order to ensure that the data of the registered person is reliable, and the deposit methods used have not been stolen or used by third parties.

Moreover, the company takes into account that depending on the nationality and origin of customers, as well as the selected payment and withdrawal methods, various security measures may be required. The Khelo24Bet platform takes reasonable measures to control and reduce the risks associated with money laundering.

Khelo24Bet adheres to high anti-money laundering standards following European Union guidelines and requires employees to comply with these standards in order to prevent the company’s services from being used for money laundering purposes.

What does money laundering mean?

Users should carefully read the definitions of money laundering to avoid unpleasant situations. Money laundering involves the following actions:

  • Conversion or transfer of property: this is a process in which property is transferred or transformed to conceal its illegal origin, if it is known that it was obtained as a result of criminal activity. This also includes assistance to those involved in such actions;
  • Hiding the true nature of the property: these are actions aimed at concealing the source, location, method of disposal, or rights to property if it is known that it was obtained by criminal means;
  • Acquisition and use of property: this applies in cases where the property was obtained with the knowledge of its criminal origin, as well as its possession or use;
  • Involvement in criminal activities: this includes complicity, attempts to commit, aiding, abetting, and providing advice regarding any of the above actions.

It is important to note that money laundering is considered such even in cases where the criminal activity that led to the acquisition of property took place on the territory of another State or a third country. An anti-money laundering officer has been appointed on the Khelo24Bet platform, who is responsible for compliance with AML policies and procedures.

Three-step verification on the Khelo24Bet platform

A three-stage verification has been implemented on the Khelo24Bet platform, aimed at ensuring security and compliance with anti-money laundering legislation. Each stage of verification has its own requirements and conditions that must be met for successful withdrawal of funds and transactions.

Identity verification

The first stage of verification is mandatory for all users wishing to withdraw funds. It includes providing information about the payment, withdrawal amount, and nationality. The user must fill out a special document indicating their first name, last name, date of birth, country of residence, gender, and full address.

Proof of identity

The second stage of verification is required for users who deposit or withdraw more than $2,000. At this stage, the user needs to upload a photo of their ID card with a six-digit randomly generated number that should be visible next to the document. There will also be an electronic verification of the data provided in the first stage through two different databases. If verification fails, the user will need to provide proof of their current place of residence.

Specifying the source of funds

The third stage of verification is required for users who deposit or withdraw more than $5,000 or transfer more than $3,000 to another user. At this stage, the user will be asked to specify the source of their funds.

Identification and verification of clients

Customer identification is a key aspect for compliance with anti-money laundering regulations. This process is based on the following basic rules:

  • Providing a passport: to verify your identity, you must provide a copy of your passport, ID card, or driver’s license. This copy should contain an image of the document along with a handwritten note containing six randomly generated numbers. You also need to provide a second photo that clearly shows the user’s face. At the same time, the user can hide any information except date of birth, nationality, gender, first name, last name, and photo to protect their privacy;
  • Address confirmation: this will be done through various electronic checks using two different databases. If the electronic verification fails, the user can provide manual confirmation, such as a utility bill or an official document issued by the government confirming the place of residence.

Users need to make sure that the document is sent in high resolution so that all four corners are visible and the entire text is readable. If necessary, the company will request additional data for confirmation.

Source of funds

The Khelo24Bet platform verifies the source of wealth to avoid money laundering. If the player deposits over $5,000, the process of verifying the source of wealth begins. Examples of sources of wealth are presented below:

  • Business ownership;
  • Official employment;
  • Heritage;
  • Investment;
  • Financial support from the family.

Players will need to establish the origin and legality of these funds. If this is not possible, the employee may request additional documents or evidence. In addition, the Khelo24Bet platform can request bank transfer or credit card information to further verify the user’s identity and obtain additional information about their financial situation.

Risk management

To account for different levels of risk and wealth in different countries, the Khelo24Bet platform classifies each country into three risk categories. The classification of regions is shown below:

  • Low risk: for countries classified in this region, a standard three-step verification is applied;
  • Medium risk: in countries with an average level of risk, a three-step verification will be carried out with lower amounts of deposits and withdrawals;
  • High risk: countries classified as high risk will be completely banned. The list of high-risk regions will be updated regularly.

Additional measures to comply with the requirements of the AML policy

The platform uses artificial intelligence, controlled by a platform employee, who actively monitors any unusual user behavior and immediately reports it to the Khelo24Bet team. The company’s employees double-check all the checks carried out earlier by both artificial intelligence and other employees. Depending on the situation, they may repeat or perform additional checks.

The data scientist also analyzes unusual actions of players, such as deposits and withdrawals without long betting sessions, attempts to use different bank accounts for transactions, changes in citizenship, currency, as well as changes in user behavior and activity.

Khelo24Bet Risk Assessment

As part of its risk management approach, Khelo24Bet conducted an organization-wide anti-money laundering risk assessment. This assessment is aimed at identifying and understanding the risks associated with the company’s activities. The money laundering policy is formed on the basis of identified and documented risks that may arise in various aspects of the work, such as the services offered, user transactions, geographical regions of operations, as well as the characteristics of customers and their transactions.

Additional security measures are being taken to minimize the additional risks associated with Internet use. The assessment is conducted annually to ensure the relevance and effectiveness of the money laundering policy.

Khelo24Bet Transaction Monitoring

Khelo24Bet continuously monitors transactions to identify suspicious transactions that may not match the user’s profile. This control process is carried out at three levels, which are described below.

The first line of control

The Khelo24Bet platform cooperates only with trusted payment service providers who have effective anti-money laundering policies. This minimizes the risk of making suspicious deposits.

The second line of control

All transactions are monitored by employees under the supervision of an anti-money laundering compliance specialist. Suspicious transactions sent to the customer support manager or compliance manager are also subject to thorough verification.

Automated systems perform an initial check, after which employees perform an additional check to increase the level of security. Transactions for which it is difficult to establish the legality and origin of funds should immediately be classified as atypical. Every employee of the company is required to report to the anti-money laundering department any suspicious transactions that cannot be attributed to legitimate activities or known sources of income of the client.

The third line of control

As a last resort to protect against money laundering, the company conducts manual checks of all suspicious and high-risk users. If fraud or money laundering is detected, the relevant authorities will be notified.

Procedures for reporting violations

Khelo24Bet’s internal procedures clearly define for employees when and how possible violations should be reported. All reports on atypical transactions are analyzed by the anti-money laundering team in accordance with the established methodology detailed in internal documents.

Data storage

All data collected during the user identification process must be stored for at least ten years after the end of the business relationship. Similarly, records of all transactions must be kept for at least ten years after they are conducted or the business relationship ends. This data will be securely encrypted and stored both offline and online to ensure its security.

Training of the platform’s employees

The company’s employees receive special training to perform manual control based on risk assessment. The training and awareness-raising program includes mandatory anti-money laundering and terrorist financing training following the latest legislative changes, as well as academic anti-money laundering sessions for new employees.

The content of the training program is adapted depending on the type of business and the positions of the interns. These sessions are conducted by an anti-money laundering specialist who is part of the team dealing with this issue.

Data security

All data provided by users is stored securely and will not be sold or shared with third parties. The transfer of data is possible only in cases prescribed by law or to prevent money laundering, when the information can be transferred to the appropriate anti-money laundering authority in the State.

Contacts

If players have any questions or complaints about the anti-money laundering policy, they should contact customer support by email.